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MP Materials (NYSE:MP) Closed +8.8% in trading Tuesday wrapping up its strongest consecutive gain since December, rising more than 19% during the period.
The likely impetus for the push is a revelation that Australian billionaire Gina Rinehart’s mining company made a share of 5.3%. in the company, adding to its investments in rare earths.
In an SEC filing last week, MP Materials (MP) said Hancock Prospecting, owned by Rinehart, holds about 8.8 million shares of the largest U.S. producer of rare earths.
Additionally, the company announced last week that it received a $58.5 million award from the U.S. government to build the nation’s first rare earth magnet manufacturing facility.